Advantage Business Angels raises £580k for Open Banking Start-up
Investors in this round: Advantage Business Angels
Advantage Business Angels has raised £580k from its members as part of a £2.5m seed round for OneBanks Ltd www.onebanks.co.uk a disruptive Fintech newcomer exploiting Open Banking Technology.
OneBanks’ proposition is to fill the gap left by High St Bank closures by placing staffed kiosks in busy locations such as Supermarkets and Railway Stations to provide everyday over-the counter banking transactions and services using Open Banking Technology. The Bank closures have resulted from the high cost of operating High St Branches, while the alternative solution offered by the Post Office is expensive. This new initiative which is gaining support from the Banks offers them an affordable solution while meeting the continuing demand from the public for a convenient service for depositing and withdrawing cash, banking cheques etc with the help of trained staff. A trial kiosk was recently opened in Denny, Scotland.
OneBanks was featured in the Sunday Times of 28th March 2021: https://www.thetimes.co.uk/article/dismal-denny-is-leading-a-local-banking-revolution-2p7z27blc
As Duncan Cockburn CEO of OneBanks says: “We want to do something really radical in Banking….bring people back”.
Investors introduced by ABA have now invested a total of £580k in OneBanks since September 2020, firstly in a £200k bridging round and the balance this year in a £2.5m seed round which is closing shortly but for which there is still some availability. The funds were raised from members and associates of ABA’s main Investor Syndicate: The Claret Club.
Duncan Cockburn commented further as follows: “Working with ABA has been brilliant. OneBanks engaged with ABA early in the growth cycle where the business was only starting to gain traction with relevant stakeholders and I was delighted that the investor network connected to the concept of OneBanks and believed in me as a founder to execute. The support and encouragement from the investors have been a key driver to the success to date.”
Advantage Business Angels has been involved in raising equity for early stage businesses since 2003, and since a partial change in management & shareholders in 2016 has raised some £3.8m in 34 businesses, including White Label Loyalty, Learning Labs, Talent Intuition, and Previsico.
ABA Managing Director John Rankin commented : “We are delighted with the progress being made by OneBanks, and with the enthusiastic support of our Investor Members. Our Directors have many years of experience in the early stage funding arena, following successful careers in diverse business sectors, we know our investors well, and so are highly selective in the companies that we engage with. This is borne out by the positive progress being made by the majority of our portfolio companies, and in particular the resilience they have shown over the last very difficult 12 months.”